FRC sets out requirements for auditor’s work on client assets

In November 2015, the Financial Reporting Council (FRC) published an assurance standard on the work that auditors do in relation to compliance with the revised Financial Conduct Authority’s (FCA) rules on the holding of client assets.

Intended to help auditors undertaking these engagements, the standard underpins the tougher FCA rules by including, amongst other things, guidance on the provision of an assurance opinion and the confirmation of non-statutory client trusts. View a helpful summary of the key changes.

If you believe that you, or your firm, might be affected by the introduction of the standard, and would be interested in some training on the new requirements, then please notify Anne Adrain at: aadrain@icas.com.